Main reasons to commence your Barton under Needwood lease extension

Top reasons for lease extension now:

Increase your lease and increase your Barton under Needwood property value

The only way is down when it comes to Barton under Needwood lease terms. Barton under Needwood flats that have a lease term less than than 80 years will drop in market price at a rapid rate, and the cost of extending your lease will rise.

An extended lease has roughly the same value as a freehold

Leasehold premises in Barton under Needwood with in excess of one hundred years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges merit it.

Banks and Building Societies may decide not to loan monies on a short lease

Many banks and building societies will not grant a mortgage on a lease with less than seventy years remaining - although this varies from lender to lender. A purchaser will no doubt encounter difficulties in obtaining a mortgage and this could result in your Barton under Needwood property becoming difficult to sell or to obtain finance on.

Get in touch with one of our Barton under Needwood lease extension solicitors or enfranchisement solicitors

Retaining our service will provide you better control over the value of your Barton under Needwood leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Barton under Needwood Lease Extension Case Summaries:

Bethan, Barton under Needwood, Staffordshire,

Off the back of lengthy negotiations with the freeholder of her two bedroom flat in Barton under Needwood, Bethan initiated the lease extension process just as the lease was coming close to the critical 80-year threshold. The legal work completed in January 2007. The freeholder’s charges were kept to an absolute minimum.

Barton under Needwood case:

Last Summer we were contacted by Ms Nicole Flores , who moved into a first floor flat in Barton under Needwood in April 1996. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would be for a 90 year lease extension. Identical premises in Barton under Needwood with a long lease were valued about £280,000. The average ground rent payable was £45 invoiced yearly. The lease came to a finish in 2095. Taking into account 69 years left we calculated the compensation to the landlord for the lease extension to be within £12,400 and £14,200 not including professional charges.

Barton under Needwood case:

In 2012 we were approached by Dr Leon Sharif who, having completed a basement apartment in Barton under Needwood in March 2001. The question was if we could shed any light on how much (roughly) price would likely be for a ninety year lease extension. Comparable properties in Barton under Needwood with an extended lease were valued around £216,000. The average ground rent payable was £60 collected quarterly. The lease terminated on 14 November 2084. Given that there were 58 years unexpired we approximated the compensation to the freeholder for the lease extension to be within £28,500 and £33,000 exclusive of costs.